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Yuan opens firmer on Friday

China's yuan firmed at its open on Friday, shrugging off the central bank's marginally weaker midpoint.

PHOTO: REUTERS

[SHANGHAI] China's yuan firmed at its open on Friday, shrugging off the central bank's marginally weaker midpoint.

The People's Bank of China set the midpoint rate at 6.5637 per dollar prior to market open, weaker than the previous fix of 6.5616, and firmer than the previous day's closing quote 6.589.

The spot market opened at 6.5920 per dollar and was changing hands at 6.5864 in early trade, 26 pips away from the previous close and 0.35 per cent away from the midpoint. The spot rate is currently allowed to trade with a range 2 per cent above or below the official fixing on any given day.

The offshore yuan was trading 0.42 per cent away from the onshore spot at 6.6141 per dollar.